Technology Sector Update for 05/15/2019: VMW,DOX,AEIS,RENN

Technology stocks firmed Wednesday, with the shares of tech stocks in the S&P 500 climbing almost 1.2% while the Philadelphia Semiconductor Index also rose nearly 1.2%.

Among technology stocks moving on news:

(+) VMware ( VMW ) advanced Wednesday, hanging on for a nearly 2% gain shortly before the closing bell, after the software virtualization company announced plans to acquire privately held Bitnami for an undisclosed sum. VMware said it will continue to invest in Bitnami's catalog of click-to-deploy applications and development stacks for major cloud and Kubernetes environments after completing the transaction.

In other sector news:

(+) Amdocs ( DOX ) climbed nearly 13% after reporting adjusted Q2 net income of $1.06 per share on $1.02 billion in revenue during the three months ended March 31 compared with the Capital IQ consensus expecting a $1.03 per share non-GAAP profit for the communications and media software firm on $1.02 billion in revenue. It also raised its FY19 earnings forecast by 1.5 percentage points on each side, now expecting 4.5% to 8.5% growth over prior-year levels.

(+) Advanced Energy Industries ( AEIS ) rose 11% after Susquehanna raised its stock rating on the electronic components company to positive from neutral previously and also increased its price target on the company's shares by $37 to $82 apiece.

(-) Renren ( RENN ) was 1% lower, giving back a 5% gain at Wednesday's opening bell. The social networking company reported a 35.8% increase in revenue over the year-ago period, rising to $122.2 million, while its net loss for its fiscal Q4 widened to $0.08 per share from $0.03 per share last year. Analyst estimates were not available.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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